diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9bf1aa6c34..c7c5f65f3c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,6 +3,7 @@
 All notable changes to "Azure Toolkit for IntelliJ IDEA" will be documented in this file.
 
 - [Change Log](#change-log)
+  - [3.49.0](#3490)
   - [3.48.0](#3480)
   - [3.47.0](#3470)
   - [3.46.0](#3460)
@@ -63,6 +64,13 @@ All notable changes to "Azure Toolkit for IntelliJ IDEA" will be documented in t
   - [3.0.7](#307)
   - [3.0.6](#306)
 
+## 3.49.0
+
+### Changed
+- Collect performance metrics data via telemetry for future performance tuning.
+- Update the status text on progress indicator.
+- Update context menu icons in Azure Explorer.
+
 ## 3.48.0
 
 ### Changed
diff --git a/PluginsAndFeatures/azure-toolkit-for-intellij/resources/META-INF/plugin.xml b/PluginsAndFeatures/azure-toolkit-for-intellij/resources/META-INF/plugin.xml
index 75eb113be9..8bdcdb0a3b 100644
--- a/PluginsAndFeatures/azure-toolkit-for-intellij/resources/META-INF/plugin.xml
+++ b/PluginsAndFeatures/azure-toolkit-for-intellij/resources/META-INF/plugin.xml
@@ -1,7 +1,7 @@
 <idea-plugin url="https://github.com/Microsoft/azure-tools-for-java">
   <id>com.microsoft.tooling.msservices.intellij.azure</id>
   <name>Azure Toolkit for IntelliJ</name>
-  <version>3.48.0</version>
+  <version>3.49.0</version>
   <vendor email="java@microsoft.com" url="http://www.microsoft.com">Microsoft</vendor>
 
   <description><![CDATA[
@@ -24,13 +24,12 @@
   <change-notes>
     <![CDATA[
     <html>
-    <h3>3.48.0</h3>
+    <h3>3.49.0</h3>
     <h4>Changed</h4>
     <ul>
-        <li>Update icons in Azure toolkits</li>
-        <li>Update Tomcat base images</li>
-        <li>Using non-blocking UI to replace blocking progress indicator</li>
-        <li>Remove non-functional "cancel" buttons in foreground operations</li>
+      <li>Collect performance metrics data via telemetry for future performance tuning.</li>
+      <li>Update the status text on progress indicator.</li>
+      <li>Update context menu icons in Azure Explorer.</li>
     </ul>
     <p>You may get the full change log <a
             href="https://github.com/Microsoft/azure-tools-for-java/blob/develop/CHANGELOG.md">here</a></p>
diff --git a/PluginsAndFeatures/azure-toolkit-for-intellij/resources/whatsnew/whatsnew.md b/PluginsAndFeatures/azure-toolkit-for-intellij/resources/whatsnew/whatsnew.md
index 0ff864fca1..ac59cbcd34 100644
--- a/PluginsAndFeatures/azure-toolkit-for-intellij/resources/whatsnew/whatsnew.md
+++ b/PluginsAndFeatures/azure-toolkit-for-intellij/resources/whatsnew/whatsnew.md
@@ -1,6 +1,13 @@
 <!-- Version: 3.47.0 -->
 # What's new in Azure Toolkit for IntelliJ
 
+## 3.49.0
+
+### Changed
+- Collect performance metrics data via telemetry for future performance tuning.
+- Update the status text on progress indicator.
+- Update context menu icons in Azure Explorer.
+
 ## 3.48.0
 
 ### Changed
